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437 <br /> <br />NORTH CAROLINA <br />CABARRUS COUNTY <br /> <br /> AMENDMENT NO. 1 <br /> TO <br />SETTLEMENT AGREEMENT <br /> <br /> WHEREAS, the CITY OF CONCORD, a municipal corporation (hereinafter <br />referred to as "Concord"); and CABARRUS COUNTY, a political subdivision of the <br />State of North Carolina (hereinafter referred to as "Cabarrus County") have <br />entered into an agreement entitled Settlement Agreement; and <br /> WHEREAS, Section 13 of the Settlement Agreement provides that such may be <br />amended and modified, in whole or in part, only by an agreement in writing <br />executed in the same manner as said Agreement. <br /> NOW, THEREFORE, it is hereby agreed that: <br /> (1) Section 6 paragraph 2 of the Settlement Agreement is hereby amended <br /> to read as follows: <br /> <br />Ail operational expenses and costs incurred in the ordinary course <br />shall be paid current through the effective date of such leases by <br />the party or parties incurring same, and the debt service on the <br />outstanding general obligation or revenue bond, note or like <br />obligations assumed by the Authority on the effective date of such <br />leases shall be no greater than the debt service which exists on the <br />effective date of this Agreement. <br /> <br />(2) <br /> <br />Section 9 of the Settlement Agreement is hereby amended to read as <br />follows: <br /> <br />Within the time set forth in Paragraph 2 of this Agreement, for and <br />in consideration of the receipt of the sum set forth in Paragraph <br />2(e) from Concord and the amendment to the Treated Water Agreement <br />set forth in Paragraph 10 hereinafter and the mutual covenants and <br />agreements set forth herein, the Board of Commissioners of Cabarrus <br />County, acting as the governing body of the District, shall transfer <br />to Concord all of the District's right, title and interest in and <br />to the District's water system lines within the subdivisions known <br />as Old South and Carolando (the "Water Lines"), of which the <br />construction cost was approximately Eight Hundred Forty-Four <br />Thousand Nine Hundred and Ninety and 15/100 Dollars ($844,990.15) <br />of a total project cost of approximately Ten Million Nine Hundred <br />Eighty-Three Thousand Nine Hundred Ninety-Four and 32/100 Dollars <br />($10,983,994.32) and upon which an outstanding principal debt of <br />Four Million Seven Hundred Seventy-One Thousand Five Hundred and <br />No/100 Dollars ($4,771,500.00) exists as of December 1, 1991 which <br />debt shall remain the debt of the District; PROVIDED THAT: <br /> <br /> (a) Concord shall assume all expenses associated with the <br />operation and maintenance of the Water Lines, excluding debt <br />service, and to the extent permitted by law, shall indemnify and <br />save Cabarrus County from any liability associated with such <br />operation and maintenance, including, but not limited go, any costs <br />associated with environmental compliance and/or liability for the <br />Water Lines; and <br /> <br /> (b) The approval of all required state and federal regulatory <br />authorities, and all permits or other documents required by law <br />shall have been obtained, to the extent then available, and, if <br />necessary, the approval of the owner of the general obligation bonds <br />Secured in part by the Water Lines shall have been obtained. <br /> <br /> IN WITNESS WHEREOF, Concord has executed this Amendment this __ <br />December, 1991 and Cabarrus County has executed this Agreement this <br />6th day of January, 199~. <br /> <br />19 day of <br /> <br />CITY OF CONCORD <br />a Municipal Corporation <br />By: /s/ Bernie A. Edwards <br />Bernie A. Edwards, Mayor <br /> <br /> <br />